Skip to content
Nonprofiteer
← FLAGSHIP ENTERPRISE CENTER INC

Form 990 for tax year 2023

Filed by FLAGSHIP ENTERPRISE CENTER INC.

Totals

Total revenue
$4,088,380
Total expenses
$3,737,258
Contributions and grants received
$1,595,933
Grants paid
$0
Program service revenue
$1,882,444
Investment income
$594,320
Other revenue
$15,683
Total assets, end of year
$38,434,037
Total liabilities, end of year
$6,942,284
Net assets or fund balances, end of year
$31,491,753
Program services expenses (Part IX)
$2,942,753
Management and general expenses
$793,496
Fundraising expenses
$1,009
Program service expenses (Part III)
$2,942,753

Program services were 78.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $651,520

  • 1f · All other contributions, gifts and grants

    $944,413

  • 2a · Program service revenue: CLIENT RENTAL INCOME

    total $1,414,410 · related or exempt $1,414,410

  • 2b · Program service revenue: LOAN PROGRAM INCOME

    total $468,034 · related or exempt $468,034

  • 3 · Investment income

    total $594,320 · excluded $594,320

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $15,683 · related or exempt $15,683

  • 11e · Other revenue, total

    $15,683

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $1,347,610 · program services $892,752 · management and general $454,858

  • 9 · Other employee benefits

    total $77,296 · program services $53,469 · management and general $23,827

  • 10 · Payroll taxes

    total $118,349 · program services $80,947 · management and general $37,402

  • 11b · Fees: legal

    total $7,035 · management and general $7,035

  • 11c · Fees: accounting

    total $54,352 · management and general $54,352

  • 13 · Office expenses

    total $190,735 · program services $96,548 · management and general $94,187

  • 16 · Occupancy

    total $742,112 · program services $742,112

  • 17 · Travel

    total $20,708 · program services $8,795 · management and general $11,904 · fundraising $9

  • 20 · Interest

    total $40,274 · program services $40,274

  • 22 · Depreciation, depletion and amortization

    total $485,278 · program services $485,278

  • 24a · Other expenses: BAD DEBTS

    total $187,044 · program services $187,044

  • 24b · Other expenses: ADVERTISING

    total $98,965 · program services $81,118 · management and general $16,847 · fundraising $1,000

  • 24c · Other expenses: MISCELLANEOUS

    total $80,359 · program services $69,418 · management and general $10,941

  • 24d · Other expenses: CLIENT SUPPORT

    total $73,205 · program services $73,205

  • 24e · All other expenses

    total $213,936 · program services $131,793 · management and general $82,143

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,777,367 · end of year $4,159,669

  • 2 · Savings and temporary cash investments

    beginning of year $312,409 · end of year $261,477

  • 3 · Pledges and grants receivable

    beginning of year $460

  • 4 · Accounts receivable

    beginning of year $657,472 · end of year $733,619

  • 7 · Other notes and loans receivable

    beginning of year $4,651,889 · end of year $7,574,234

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,271 · end of year $5,681

  • 10a · Land, buildings and equipment: cost or other basis

    $29,721,285

  • 10b · Land, buildings and equipment: accumulated depreciation

    $4,203,257

  • 10c · Land, buildings and equipment, net

    beginning of year $25,753,316 · end of year $25,518,028

  • 15 · Other assets

    beginning of year $151,000 · end of year $181,329

  • 17 · Accounts payable and accrued expenses

    beginning of year $229,079 · end of year $145,347

  • 23 · Secured mortgages and notes payable

    beginning of year $2,872,064 · end of year $6,733,767

  • 25 · Other liabilities

    beginning of year $83,410 · end of year $63,170

  • 27 · Net assets without donor restrictions

    beginning of year $30,860,747 · end of year $31,418,231

  • 28 · Net assets with donor restrictions

    beginning of year $264,884 · end of year $73,522

Mission and programs · 2023

Mission

TO CONTRIBUTE TO THE LONG-TERM ECONOMIC DEVELOPMENT OF THE COMMUNITIES OF ANDERSON, MADISON COUNTY, AND THE STATE OF INDIANA BY ENCOURAGING AND NURTURING THE ENTREPRENEURIAL SPIRIT THROUGH PROVIDING MENTORING, NETWORKING, BUSINESS SERVICES, EDUCATIONAL OPPORTUNITIES, AND ACCESS TO CAPITAL.

Activities or mission (Part I)

THE FLAGSHIP ENTERPRISE CENTER'S MISSION IS TO CONTRIBUTE TO THE LONG-TERM ECONOMIC DEVELOPMENT OF THE COMMUNITIES OF ANDERSON, MADISON COUNTY, AND THE STATE OF INDIANA BY ENCOURAGING AND NURTURING THE ENTREPRENEURIAL SPIRIT THROUGH PROVIDING MENTORING, NETWORKING, BUSINESS SERVICES, EDUCATIONAL OPPORTUNITIES, AND ACCESS TO CAPITAL.

  • IN THE FISCAL YEAR ENDING MAY 31, 2024, FLAGSHIP ENTERPRISE CENTER LEASED 210,000 SQUARE FEET OF OFFICE, LAB, AND INDUSTRIAL SPACE TO GROWING COMPANIES INVOLVED IN RESEARCH AND DEVELOPMENT, MANUFACTURING, AND ENGINEERING. THE CENTER CLOSED 165 REGULAR SMALL BUSINESS LOANS DURING THE FISCAL YEAR. OF THESE LOANS, 71 WERE DISBURSED TO MINORITIES, 71 TO WOMEN, 8 TO VETERANS, 66 TO START-UP ENTERPRISES, AND 15 TO LOW-INCOME BUSINESSES. ADDITIONALLY, FLAGSHIP ENTERPRISE CENTER PROVIDED 2,767 HOURS OF TECHNICAL ASSISTANCE TO ITS CLIENTS.

    Expenses $2,942,753 · Revenue $1,898,127

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Tim Lanane

    CHAIR

    Total calculated
    $0
    Hours/week
    1.5

  • Stephanie Moran

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • David Eicks

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Dan Courtney

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

  • Doug Whitham

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Leila Kelly

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Terri Austin

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Mike Barker

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Jon Adams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Jack Keesling

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Suahi Housholder

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Terry Truitt

    PRESIDENT

    Total calculated
    $182,478
    From this org
    $182,478
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,875
    Bonus
    $13,500
    Other
    $14,103
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $182,478

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
12 February 2025
IRS schema version
2023v6.0
Source object
202510509349301101

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.